Fun's Over: Private Equity Firm To Buy Willow Springs Raceway
Private equity, the harbinger of all bad things, is getting its greasy little hands on Willow Springs Raceway in Rosamond, California. A firm, called CrossHarbor Capital Partners, tells The Drive that the sale isn't quite finalized yet, but it is "pending."
Here's what the Boston-based firm told the outlet:
"While CrossHarbor Capital can not provide details on acquisitions before they are complete, we can confirm that a deal is pending and the team is excited to preserve the legacy and enthusiast access to one of America's most iconic racing facilities while also setting up the property for growth and success in the future. More details will be released soon," read the statement provided to The Drive.
The Drive received a tip that alleged CrossHarbor was involved in a deal to buy the track, which the company confirmed when we reached out.
Right now, it's pretty much impossible to know what CrossHarbor Capital has planned for the iconic track, which opened in 1953. Hopefully, they'll buck the trend of PE firms squeezing every last ounce of money out of their properties before selling them off for scraps – something Jalponik knows a thing or two about. If their words are to be believed, good things are coming in the future, but I suppose only time will tell, and we'll certainly learn more once the deal is finalized. Maybe it'll become a similar venture to the Thermal Club with its multi-million condos, on-site garages and other country club-esque features. I don't know how I feel about that. It seems like it would mess with what Willow Springs was always supposed to be: cheap fun.
Read more: F1's Mario Kart-Inspired Saudi Track Proves It Has More Money Than Sense
Back in June of 2024, we reported that Willow Springs – located about 90 miles outside Los Angeles – was listed for sale after 62 years of ownership by the Huth Family. When the family's patriarch, Bill Huth, bought the track in 1962 with the intention of turning it into a drag strip. When he discovered the strip would be too short, he decided to turn it into a track. Now, a few years after Bill's death, the family has decided to sell the track for an unknown price. However, the property itself has been assessed at a value of around $2.25 million.
Here's a little more on the history of the track, from The Drive:
Huth passed away in 2015, at which point the family continued running the track the way he always did: cheap, no frills, frozen in time, and perhaps more relevant to this moment, against all financial sense. The iconic track transported its many fans to a time when American road racing was producing legendary drivers who took on Europe's finest; a time when names like Ken Miles were permanent fixtures at Willow.
[...]
Willow Springs was cheap to rent. Despite being featured in blockbuster movies like Ford vs. Ferrari, constantly being booked by racing clubs—and media publications and automakers alike for video productions, photo shoots, or the occasional media drive—prices always remained low. You can rent Big Willow for a full day for under $5,000, which is a bargain compared to just about any other comparable track nationwide.
According to the Boston-based firm's website, it "manages multiple fund strategies that invest across the risk/return spectrum on behalf of a diversified and highly regarded group of endowments, foundations, public and corporate pension plans, financial institutions, family offices, and sovereign entities." You gotta love private equity jibber jabber.
This isn't the first time a racetrack has come up for sale or been sold. Just last month, we told you about Palm Beach International Raceway, a 174-acre complex in Florida, that has been listed for an unknown price. It comes with all sorts of cool stuff like a drag strip, a road course, a kart track and a clubhouse.
We also found this $35 million oceanside Go Kart track that comes with its own mansion, castle and replica of Stonehenge all on the Long Island Sound. It's a deal that sounds too good to be true.
If drag racing is more your speed, you could have always laid out $3 million for a 30-acre lot with a drag strip in the middle of it. Sure, Twin River Raceway needed some TLC, but it could really be something, man.
Read the original article on Jalopnik.
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